Reporting season live updates: All the latest news from the ASX as companies deliver their financial reports
Shares in market mega-major Commonwealth Bank have been scaling record highs in recent weeks. Today we’ll see if investors’ faith in Australia’s biggest lender has been rewarded.
It’s the first of the big four to deliver results this earnings season.
We know the mortgage market has been super tight as the banks desperately try to secure new customers, and with business confidence showing signs of improvement has CBA managed to keep a handle on costs and turn in a blinder?
The mum-and-dad shareholders - and more than a few superannuation funds - who rely on those bumper dividends will certainly be hoping so.
Also reporting today is Seven Group Holdings, Seven West Media, BWP Trust, Charter Hall, AGL Energy and Evolution Mining - which yesterday revealed it had been the target of a cyberattack.
We’re at the half-way mark of the first big week of reporting season.
Keep that coffee coming, and let’s get started ...
Key Events
AGL swings back to profit
High electricity prices, fewer outages and government relief on power bills have generated a stellar rise in AGL Energy’s annual profit.
AGL Energy has reported a $711 million statutory net profit and declared a final unfranked dividend of 35c a share, taking the year’s total payout to 61c.
The result marks a Herculean return to form after the company booked a $1.26 billion loss in 2022-23.
CEO Damien Nicks said the energy provider saw more stable market conditions throughout the year, along with the impact of higher wholesale electricity pricing from prior periods being reflected in pricing outcomes, trading and contract positions.
“This improved financial result, material increase in cash generation, and strength of our balance sheet compared with the challenges experienced in the prior year, supports the ongoing investment in our transition and improved returns to shareholders,” he said.
Total customer number rose 211,000 to 4.5 million.
The soaring cost of electricity on Australia’s east coast has crippled many households but AGL said it had increased its two-year customer support package by a further $20 million to $90m.
Originally published on The West Australian
